What You Need to Know If You Lose Your Job

Key Takeaways
  • As the United States economy had two consecutive quarters of negative gross domestic product (GDP), the possibility of a recession in the following year is around 47.5%.
  • To get ahead of the recession and save money, some companies have begun reducing their job openings and could potentially start laying off employees. 
  • If you find yourself in a position where you have lost your job, below are some tips that can help you get back on your feet sooner.
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For a second straight quarter, the gross domestic product (GDP) of the United States fell, which is the typical definition of a recession. There is speculation that the probability of recession in the following year is around 47.5%, according to a Bloomberg survey

 

As a result, some companies have begun reducing the number of job openings they are offering, and it may lead to some people losing their jobs if companies are trying to save money. Of course, no one wants to lose their job, but if you’ve lost your job, below is a list of things you can do to minimize the time you are unemployed.  


Use Your Emergency Fund


If you created an emergency fund when you were employed, now is the time to use the money you have in the account. Usually, an emergency fund should have between three to six months’ worth of living expenses, and having this financial safety net helps you overcome any difficulties that may come your way. 


Recommended Read: 5 Ways to Save Money During a Recession

 

Experiencing job loss means the primary source of income is gone, so using this fund will help you stay on your feet until you find a new job. If you do not have an emergency fund in place, then begin looking at your monthly expenses and remove the ones that are a luxury and not a necessity. Making this short-term change in your life will help your money stretch longer if job hunting takes longer than you were anticipating. 


File for Unemployment Benefits


After being laid off, your next plan of action should be to file for unemployment benefits. Filing for unemployment benefits allows you to receive some form of income so you can get by until you can find a new job.

 

unemployment benefits

Image Credit: Vitalii Vodolazskyi / Shutterstock.com

 

Get Health Insurance


Alongside filing for unemployment benefits, contact your previous employer or the human resource department and determine the health insurance options for continuing coverage while you are out of work. If your previous place of work does not have any health coverage options after being laid off, begin searching for other healthcare coverages. Health insurance is crucial, as if something that requires medical attention occurs, you are covered, and there will be a lower chance of being in medical debt


Update Your Resume


Now that your job has ended, it is time to move on and reflect on the skills you gained from this position. The first step of job hunting is to have a solid resume, so adding more information about your past work experience is critical. When updating your resume, ensure your key skills can be quantified. Future employers are looking for your experiences and their measurable impacts, which can increase your job interview chances.


Alongside updating your resume, the same should be done with your LinkedIn profile. Updating your LinkedIn profile allows recruiters from companies to stumble across your page and potentially reach out to you for a job interview.


Recommended Read: The Best Resume to Land Your Dream Job


Begin Searching for a New Job


Once you have updated your resume, the final step is to get out and begin job searching. You should upload your resume to as many job posting websites as possible during this process. Some of the websites you should consider uploading include Indeed, LinkedIn, and Glassdoor. By putting your resume on multiple websites, you increase your exposure and the chances of getting a call back for an interview.

 

person taking notes

Image Credit: Indypendenz / Shutterstock.com

 

Also, if you are not getting any calls back from places you have applied, reach out to your friends and family for help with your job search. Typically, your family and friends are willing to help you the most. They may help you get a meeting with a recruiter to help you find your next job. 

 

Furthermore, getting a career coach is a great option if you are looking for a new job. Career coaches can help you improve your interviewing skills and support your professional growth, and become the reason why a number of companies call to inquire about your skills. If you want to hire a career coach, search online for a career coach that has training, certificates, and experience. Since a career coach isn’t licensed, anyone can say they are a career coach, which is why you must do your due diligence. You will invest much of your time and money by hiring a career coach, so be ready to work hard toward achieving your goals.


Job Interview Tips

 

Suppose that you followed the tips mentioned above, and it has allowed you to land a job interview. If this happens to you, your next action plan is to begin researching interview questions. To maximize your chances of getting a job, doing research is essential. The preparation will help show the interviewer that you are a person who does their homework and is ambitious to do well, possibly increasing your chances of getting hired.

 

man and woman shake hands

Image Credit: mavo / Shutterstock.com

 

Recommended Read: Ten States to Easily Land a Job Interview

 

The Money Wrap-Up


No one knows when a company will begin laying off its employees, but with the current economic climate, attaining a job in the job market could pose a challenge. As a result, should you find yourself in a position where you are laid off, try to follow the tips mentioned above so you can find another job quickly that fits your skill set.

 

Main Image Credit: FOTOGRIN / Shutterstock.com

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